Smart Hearing Aids Market Size & Share, by Product type (In the Ear Hearing Aids, Receiver in the Ear Hearing Aids, Behind the Ear Hearing Aids, Canal Hearing Aids); Patient type (Adult, Pediatric); Technology Type (Analog, Digital); Type of Hearing Loss (Sensorineural Hear Loss, Conductive Hear Loss) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 597
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Smart Hearing Aids Market size is poised to cross USD 24 Billion by the end of 2033, growing at a CAGR of 8% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of smart hearing aids was over USD 10 Billion. The growth of smart hearing aids market is primarily attributed to the increasing prevalence of hearing loss and technological advancements in hearing aid devices. According to World Health Organization (WHO), Over 5% of the world’s population, around 430 million people require rehabilitation to address their ‘disabling’ hearing loss (432 million adults and 34 million children). It is estimated that by 2050 over 700 million people will have disabling hearing loss.

The smart hearing devices are designed to transmit sound from the environment into the ear by making it louder, helping deaf people. The global smart hearing aids market trends such as, a higher number of untreated hearing disabilities boosting the demand for hearing rehabilitation. According to World Health Organization, by 2050 nearly 2.5 billion people are projected to have some degree of hearing loss and at least 700 million will require hearing rehabilitation.


Smart-Hearing-Aids-Market
Get more information on this report: Request Free Sample PDF

Smart Hearing Aids Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing prevalence of Hearing Loss – According to the National Institute on Deafness and Other Communication Disorders (NIDCD)about 2% of adults aged 45 to 54 have disabling hearing loss. The rate increases to 8.5% for adults aged 55 to 64. Nearly 25% of those aged 65 to 74 and 50 percent of those who are 75 and older have disabling hearing loss.
  • Increasing Geriatric Population with Significant Hearing Disability - By 2030, 1 in 6 people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world’s population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.
  • Perforation of Personal Audio Devices -  It is estimated that more than 50% of the global population aged between 12 to 35 is going to be exposed to unsafe degrees of hearing loss on account of the higher utilization of personal audio devices.
  • Favorable Government Initiative – In October 2021, the FDA proposed a plan to establish a new type of low cost over the counter hearing aids. Government and regulatory support of this magnitude is expected to have a long - term beneficial impact for the hearing aids industry in the United States.

Challenges

  • Facing Manufacturing issues
  • Low Acceptance Rate of Hearing Aids
  • Lack of Awareness and the Skilled Medical Professionals

Smart Hearing Aids Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

8%

Base Year Market Size (2022)

 USD 10 Billion

Forecast Year Market Size (2033)

USD 24 Billion

Get more information on this report: Request Free Sample PDF

Smart Hearing Aids Segmentation

Type of Hearing Loss (Sensorineural Hear Loss, Conductive Hear Loss)

The global smart hearing aids market is segmented and analyzed for demand and supply by hearing loss into sensorineural hear loss and conductive hear loss, out of which, the sensorineural hear loss segment is attributed to garner the highest market share by 2033. Owing to the increasing geriatric population across the globe. According to the data published by NIDCD, approximately one in three people in the United States between the ages of 65 and 74 has hearing loss, and nearly half of those older than 75 have difficulty hearing.

Our in-depth analysis of the global smart hearing aids market includes the following segments:

       By Product Type

  • In the Ear Hearing Aids
  • Receiver in the Ear Hearing Aids
  • Behind the Ear Hearing Aids
  • Canal Hearing Aids

      By Type of Hearing Loss

  • Sensorineural Hearing Loss
  • Conductive Hearing Loss

      By Patient Type

  • Adults
  • Pediatrics

 

      By Technology Type

  • Analog
  • Digital

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Smart Hearing Aids Industry - Regional Synopsis

Regionally, the global smart hearing aids market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033. The growth of the market in the region can be attributed to the high incidence rate of hearing loss in the US and the increased adoption of hearing aids. According to the reports published by NIDCD, 1 in 8 people in the United States (13%) aged 12 years or older has hearing loss in both ears.

Research Nester
Smart-Hearing-Aids-Market-size
Get more information on this report: Request Free Sample PDF

Companies Dominating the Smart Hearing Aids Landscape

top-features-companies
    • MED-EL Elektromedizinische Geräte GmbH
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Benson Medical Instruments
    • Sivantos private ltd.
    • William Demat Holding A/S
    • Sonova Holding AG
    • GN store Nord A/S
    • Starkey Laboratories, Inc.
    • Medtronic plc
    • Widex USA. Inc.
    • Sonic Corporation

In-the-news

In The News

  •  Starkey is proud to serve as the exclusive global supplier of hearing instruments for the Special Olympic Healthy Athletes. Starkey Cares and Special Olympics International partnership increases access to hearing health services worldwide for individuals with intellectual disabilities.

  •  Philips Hearlink users can now enjoy the ease of hands-free communication. Philip Hearlink hearing aids can now be used as a wireless headset for phone and video calls on iPhones and iPad.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 597
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing prevalence of hearing loss and incorporation of digital smart technologies are the major factors of the growth of the global smart hearing aids market.

The market is anticipated to attain a CAGR of 8% over the forecast period, i.e., 2023-2033.

Low acceptance rate and manufacturing defect are determined to be affecting the market growth.

The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are MED-EL, Benson Hearing, Sivantos pvt. Ltd., William Demat Holdings A/S, Phonak, GN Store Nord A/S, and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by product type, technology type, type of hearing loss, patient type, and by region.

The sensorineural hearing loss segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Smart Hearings Aids Market Report Scope
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying